Fact.MR – A Market Research and Competitive Intelligence Provider: The global paper diagnostic market is slated to reach a valuation of US$ 7.2 Bn in 2021, with sales growing at a robust 8.1% CAGR, finds Fact.MR in a recent market survey.
Lateral Flow Assays to Account for 6 out of Every 10 Paper Diagnostics Sold Worldwide
Fact.MR’s latest survey offers comprehensive insights into recent trends and development impacting sales of paper diagnostics. The study offers a deep dive into opportunities and threats prevailing in segments of the market including product type and end-use across seven regions. It also projects demand for paper diagnostics in the hospital segment to continue rising.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global paper diagnostic market is slated to reach a valuation of US$ 7.2 Bn in 2021, with sales growing at a robust 8.1% CAGR, finds Fact.MR in a recent market survey. Shifting preference towards cost-effective and accurate diagnostic products, coupled with ongoing technological advancements in the healthcare sector are driving sales of paper diagnostics.
The outbreak of COVID-19 has underscored the need for modern paper diagnostics. Limitations associated with traditional diagnostic methods such as RT-PCR and RT-LAMP are compelling clinicians to adopt paper diagnostics to better understand the genomic sequencing of infectious diseases. This is expected to propel growth in the paper diagnostics market.
Rising prevalence of autonomous diseases has also spurred demand for paper diagnostics for home-care settings for early diagnosis. As per the National Institute of Environmental Health Sciences, above 24 million people in the United States are affected by autoimmune diseases.
Currently, there are more than 80 identified autoimmune diseases. However, an additional 8 million people already have auto-antibodies, blood molecules that indicate the chances of an individual developing autoimmune disease.
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In response to this, manufacturers operating in the paper diagnostics market are launching innovative products in the market to cater to a large pool of customers. Increasing government investments in the life science sector and collaborations among key companies and research institutes to devise effective paper diagnostics will continue fueling sales in the forthcoming years.
As per Fact.MR, the U.S. is projected to continue its dominance in the North America paper diagnostics market. Increasing prevalence of autoimmune diseases and cancer, coupled with rapid adoption of technologically advanced methods to produce paper diagnostics will continue pushing sales of paper diagnostics in the country.
“Adoption of technologically advanced paper-based sensors and 3D wax printing methods is anticipated to fuel sales of paper diagnostics over the assessment period. Besides this, the introduction of AI-enabled diagnostic products for home settings will continue pushing sales of paper diagnostics through 2031," says a Fact.MR analyst.
Key Takeaways from Paper Diagnostics Market Survey
- Based on product type, the lateral flow assays segment is projected to hold 60% of the total market share in 2031.
- Demand for paper diagnostics in the hospital segment is expected to rise at a 7% CAGR through 2031.
- The U.S. is projected to dominate the North America paper diagnostics market, with sales increasing at a robust 8% CAGR.
- Sales of paper diagnostics in China are expected to grow at a 6.6% CAGR, placing it as an attractive market.
Growth Drivers:
- Growing demand for cost-effective and convenient methods for self-diagnosis is expected to drive sales of paper diagnostics.
- Increasing reliance on paper diagnostics for genome sequencing and pathogen spread in water bodies and other surfaces will continue enabling sales of paper diagnostics.
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Competitive Landscape
Leading players operating in the global paper diagnostics market are actively investing in collaborations, mergers, and acquisitions to improve their distribution networks. Besides this, players are focusing on research and development to launch innovative paper diagnostic products to gain a competitive edge in the market.
For instance, In August 2021, Abcam plc, a global leader in life science research tools, acquired BioVision Inc., a wholly-owned subsidiary of Boai NKY Medical Holdings Ltd. for US$ 340 Mn.
Key Players in the Paper Diagnostics Market Include:
- Abcam Plc.
- Acon Laboratories Inc.
- Bio-Rad Laboratories Inc.
- Siemens Healthineers
- Chembio Diagnostic Systems Inc.
- Arkray Inc.
- Cytodiagnostics Inc.
More Valuable Insights on Paper Diagnostics Market
Fact.MR provides an unbiased analysis of the paper diagnostics market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global paper diagnostics market with a detailed segmentation on the basis of:
Product:
- Paper-based Lateral Flow Assays
- Paper-based Dipsticks
- Paper-based Micro Fluidics
End-User:
- Paper Diagnostics for Hospitals & Clinics
- Paper Diagnostics for Home Care Settings
Regions:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in the Paper Diagnostics Market Report
- The report offers insight into paper diagnostics market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for paper diagnostics market between 2021 and 2031.
- Paper diagnostics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Paper diagnostics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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